Federal Register #600-36

SEC Conditional Exemptive Relief for LCH SA RepoClear Rule Filing Requirements

This regulatory action from the Securities and Exchange Commission (SEC) concerns conditional exemptive relief for LCH SA, a registered clearing agency: - SEC grants LCH SA relief from certain rule filing requirements for its RepoClear business unit - Allows onboarding of U.S. persons as Clearing Members in RepoClear - Permits limited relief from filing rule changes under section 19(b)(2), allowing filings under section 19(b)(3)(A) and Rule 19b-4(f)(6) - Multiple conditions apply to the relief: - LCH SA must promptly notify the SEC when U.S. Clearing Members are onboarded or removed - Must maintain compliance with existing exemptive relief for other business units (e.g., DigitalAssetClear) - Required to implement compliance policies and conduct periodic risk-based reviews - No products or services are being procured; this is a regulatory notice affecting LCH SA's operational and compliance obligations - LCH SA is the only OEM/vendor mentioned

Description

The Securities and Exchange Commission (SEC) issued an order granting conditional exemptive relief to LCH SA regarding rule filing requirements under Section 36 of the Securities Exchange Act of 1934. This relief amends prior exemptions related to LCH SA's clearing services, particularly for its RepoClear business unit, allowing U.S. persons to join as Clearing Members under certain conditions. The order outlines specific filing obligations and conditions for LCH SA to maintain compliance and SEC oversight while providing limited relief from filing proposed rule changes under section 19(b)(2) of the Act. The relief is intended to balance regulatory oversight with operational flexibility for LCH SA's Non-Registrable Business.

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